ISO's AscendantOne Licenses NOVA Casualty
NU Online News Service March 3, 9:28 a.m. EST?AscendantOne said it has secured a contract with NOVA Casualty Company to provide Web-based property-casualty insurance rating, quoting and rate-management services. Terms were not announced.[@@]
AscendantOne's rate-quote solution for Buffalo, N.Y.-based NOVA Casualty features content validated by Insurance Services Office for commercial package policies in ten states, commercial automobile in eight states, and general liability in six states. AscendantOne is a unit of Jersey City, N.J. -based ISO.
AscendantOne said NOVA Casualty will use its rate-quote and underwriting solution, powered by ISO's advisory prospective loss costs and industry-standard manual rules, for more consistent and cost-effective policy pricing, rules-based risk assessment and consolidated rate maintenance.
NOVA Casualty operates in nine states and specializes in property and liability insurance for business owners.
John Seitz, chief information officer at NOVA Casualty, said the AscendantOne product was selected because NOVA "needed a flexible, turnkey solution to stimulate and manage our ISO-based commercial lines programs. We wanted an inherently browser-based rate-quote system to provide our network of independent agents and MGAs with accurate and consistent rate-quote information."
AscendantOne, he said, would boost NOVA efficiency by providing automated rate-management tools. He added that AscendantOne's Web-enabled rate-quote engine "will now allow us to maintain and promote NOVA's rating content effectively on an ongoing basis and in real time throughout our distribution framework."
"NOVA Casualty will ultimately incorporate AscendantOne rate-quote components into our existing AS/400-based IT environment for end-to-end processing, so ease of integration was an important factor in our selection process," Mr. Seitz said.
"AscendantOne's XML-driven component architecture, ISO-validated information and unique rate-management process deliver rapid implementation, product speed-to-market and informed decision-making advantages for NOVA Casualty. Our business users will now be able to leverage AscendantOne's robust tools for customized rate-quote and underwriting workflows," he added.
NOVA Casualty Company provides property and liability insurance to business owners and also offers surety bonds for contractors, as well as competitive motorcycle insurance programs. NOVA Casualty is licensed to provide insurance coverages in 25 states and the District of Columbia.
AscendantOne is based in Nashua, N.H. Spokesman Massood Abolfazli said of the licensing agreement with NOVA that pricing for the product is based on the number of states where it is being used and the number of lines of business.
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